Bagmane Prime Office Reit plans to expand its portfolio by almost double over the next seven to eight years, leveraging its strong pipeline, high occupancy, and focus on core Indian office markets amid resilient demand from global capability centres.
Bagmane Prime Office Reit is aiming to almost double the size of its portfolio over the next seven to eight years, banking on a 47.2 million square feet right-of-first-offer pipeline from sponsor Bagmane Group in Bengaluru and selective buying opportunities across India’s main office markets. Richard Hugh Andrew, chief executive of the listed trust, told Business Standard the vehicle has very low leverage, a strong development pipeline and room to grow as demand for high-quality office space holds up. Business Standard reported that the trust’s gross asset value stood at just over Rs 40,000 crore as of December 2025. According to the REIT’s own disclosures, it had 19.6 million square feet of leasable area and a committed occupancy rate of 98.8% at the end of December 2025. According to the company, the sponsor’s Bengaluru platform is also backed by nearly three decades of commercial real estate experience.
The trust is not relying solely on its sponsor pipeline. Ashay Shah, chief financial officer, told Business Standard that the management is still scanning for accretive acquisitions in the country’s core office hubs, particularly where they can add value for unitholders. The company is also seeing scope in Chennai and Delhi as it tries to ride sustained demand from global capability centres, or GCCs, the overseas-linked back offices and technology hubs that have become a major driver of India’s office market. Business Standard said the trust’s tenant mix is heavily exposed to these clients, while earlier company material indicated GCCs account for most of its occupiers.
The REIT’s current asset base is concentrated in Bengaluru, where it owns premium Grade A+ business parks. Its website says the portfolio comprises six business parks, with 16.6 million square feet completed and 3 million square feet under construction or planned. It also lists two hotels with 607 keys and four solar parks with a combined capacity of 164.4 MW. Shah said the hotels are intended as business park amenities rather than a move into hospitality, underscoring the trust’s focus on making its office campuses more attractive to tenants.
Occupancy remains near full and demand has not shown any meaningful weakening, even though some large transactions paused briefly during March and April amid geopolitical tensions, Shah told Business Standard. Andrew said the business continues to receive steady requests for proposals in Bengaluru, often for sizeable requirements beginning at 500,000 square feet. He also said many of the trust’s tenant relationships are built-to-suit arrangements, while smaller GCCs and an increasing number of domestic firms are now contributing to fresh demand.
Financially, the trust appears to have ample room to expand. Business Standard reported that Bagmane Prime Office Reit’s net operating income rose 16% year on year to Rs 660 crore in the first quarter of FY27, helped by rent escalations, new leasing, rentals from committed space and higher solar income. It also declared its first distribution to unitholders at Rs 1.50 a unit, or Rs 510 crore in total. The management said it plans to spend Rs 700 crore to Rs 800 crore on development in FY27 and more than Rs 3,000 crore on construction over the next 3.5 to 4 years, with about 3 million square feet still to be delivered.
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